Rebuilding the Economic and Monetary Union

By Rehn, Olli | Hampton Roads International Security Quarterly, October 1, 2012 | Go to article overview

Rebuilding the Economic and Monetary Union


Rehn, Olli, Hampton Roads International Security Quarterly


Olli Rehn is Vice President of the European Commission and Commissioner for Economic and Monetary Affairs.

Dr. Rehn has previously held numerous positions within the Finnish government and the European Union.

Commissioner Rehn presented this assessment of the future of European monetary union before the Center for European Studies at Harvard University on September 25, 2012.

I very much appreciate the opportunity to discuss the on-going economic and political transformation of the European Union with such a distinguished audience. I am glad to see that Europe and European affairs still draw such attention. After all, the news over the past few years from the old continent cannot have been exactly an inspiration for deeper European studies. Indeed, in Europe too there have been many voices expressing doubt about the future of the European Union. Some are even suggesting that the story of European integration might be reaching its final chapter.

Let me start by saying that one does better by not believing in these pessimistic Cassandras. We tend to say back home that a pessimist is never disappointed; but in the end, it is those with patience and stamina who will carry the day.

This goes for Europe as well. I am bringing some better news from across the ocean. And I am particularly happy to be able to do so here at the Harvard University, which is known for its openness and strong international links, and for unique academic and scientific achievements.

In the midst of so much worrying news about the economic and political crisis in Europe, one can too easily forget that Europe is still much stronger than often perceived.

The European Union, with its more than 500 million citizens, is and will still for some time to come be the largest single economic area in the world. It counts for almost one third of global economic output. It is the largest trading partner and source of foreign investment for the US, China and many others. It is the world's leading power in development cooperation, and its soft power is a source of stability and progress in its neighbourhood and beyond. The innovation and technical advancements it generates create well- being far beyond the borders of the continent. And most importantly, the European Union continues to do what it has always done best: maintaining the longest ever period of peace, freedom and prosperity in the troubled history of Europe.

To be sure, we are today witnessing an extremely fast global economic and political re-balancing between old and emerging powers. But it would be a mistake to count Europe out. The European Union is here to stay, and I believe this is good news for everyone, not just Europeans.

This is of course not to say we do not have deep problems to deal with, or that we would have already overcome the economic crisis.

Several of our Member States still face great challenges in stabilising their public finances and strengthening their competitiveness. Unemployment is at unacceptable levels in most of the 27 Member States. The return to growth will be sluggish and slow.

In the short term, we have to ensure that the financial markets are stable enough to fuel the engines of growth. We have had to create financial stabilisation mechanisms to provide liquidity to Member States that find themselves shut out of the markets, so that they have the time they need to pursue essential reforms. We have completely overhauled Europe's economic governance; that is the rules and practices for coordinating our member states' economic and fiscal policies. We have engaged in far-reaching structural reforms for growth at the European level and in individual countries. I am convinced that all this hard work will start bearing fruit in a not too distant future.

Indeed, the first signs are already visible, as I will explain in a moment.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Rebuilding the Economic and Monetary Union
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.